IBB appears to have suffered a blow off top couple days ago and is now likely now into its great bear market. I'm probably light on the wave 2 bounce prediction shown below. 363 is my real bounce target after wave 1 down is complete.
When this lets go into wave 3 down, I expect to see shock and awe. This biotech bullshit is a massive bubble ETF.
I will say that there is a 30% chance that that spike was only a 3rd and not a 5th as shown. If this turns out to be the case then expect the final wave to peter out around $388. A move above $365 changes my primary model to the alternate just discussed.
Here is the entire chart. This has mania written all over it folks.
Wednesday, March 25, 2015
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